Is it true, that I don’t have to pay taxes on inheritances,but inherited IRA...
Somebody told me that inheritances are not taxable. I inherited a Traditional IRA, but somebody else said to me that it is taxable. Anybody has the answer? And if it is true,then why is that?
View ArticleIs it possible to have Roth and Traditional IRAs at the same time?
Last year my income went over the limit of Roth IRA, so I wanted to open a Traditional IRA account, while keeping the Roth at the same time. Is it OK to do that? Can I contribute to the Roth account...
View ArticleTaxation on Roth IRA distribution
I’m a full time income less student since 2008 , and I withdrew my money from Roth IRA (contributed in 2007) to pay my tuition. The amount I contributed was $4000, earning was $264. It was withdrawn...
View ArticleParents Died.What to with IRA?
My parents died at 72 years old.I’m the only name on it.What should I do? It was a traditional IRA.Would I be taxed if I took the minimum distribution out at a time?Should I put it in the estate and...
View ArticleRoth IRA Requirments
Both myself and my wife are retired. I work a part time job, my wife does not work. can I buy an individual Roth Ira for both myself and my wife each totaling $6000.00.
View Article2010 Roth IRA?
What is the last day you can convert an ira to a roth for the 2010 year?
View ArticleAdding to an existing IRA after age 85
Can my Mother add to an existing IRA of hers after age 85? Her IRA is making more interest than CD’s so we wondered if she could add to the IRA for a better return on interest? We realize she may have...
View ArticleRoll Over Traditional IRA to Roth IRA, at 50 With No Other Income
I would like to roll-over Traditional IRA to Roth IRA in March 2011 . I’m 50, early retiree and physically outside the US; my unearned income from(dividend,investment and interest)and no other earned...
View ArticleContribute to ROTH or exclude foreign income
I am a US citizen, working (since 4 years ago) as a teacher in China. I earn $40000 per year and this income is excluded from my tax return. I am taxed in China, so I presume my accountant did this...
View ArticleCan I apply the basis on the regular ira to the converted 401k now that it’s...
I have a basis on a regular ira (A) and have converted a 401k into an another separate ira (B). I want to convert the former 401k (B) into a roth. Can I apply the basis on the regular ira (A)to the...
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